Category: Appraisal

Public Records Are Dead Wrong - How Big, Really... Size Matters... Suggestions 20

How Big, Really… Size Matters… Suggestions

Very often the public records are dead wrong… Appraisers, We all know Fannie Mae (FNMA) has their Collateral Underwriting (CU) report scoring system after the .xml file of the report is submitted through the Uniform Collateral Data Portal (UCDP) portal used by both GSE’s. This system of theirs is used to ‘score’ an appraisal for a loan quality rating, and it’s also used to provide a lender with a guarantee of relief from a FNMA loan buy-back demand, if the report ‘scores’ a number of 2.5 or lower. We’ve previously discussed how that can be manipulated by a lender or an...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Legislation to Regulate AMC's & Protect Consumers Opposed by REVAA 38

AMCs Are Not Part of The Appraisal Profession

Foreign entities do not get a voice in what legislation is introduced… Let’s think about this with an open mind… More states are introducing bills concerning AMC legislation, more specifically how AMCs will conduct business. Even states with existing AMC legislation are introducing stricter, more precise legislation. Why is this happening in all 55 jurisdictions? States do not want to interfere in how a company or industry conducts business, but when practices are so abusive that it harms small businesses and consumers, they have little choice. States have the obligation to protect their citizens and businesses that contribute to the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Free To Choose... The Choices We Make As Appraisers 6

The Choices We Make As Appraisers

FREE To CHOOSE… A member of VaCAP shared this on Facebook… We though it is very appropriate as a reminder of the choices we have as appraisers: You Are FREE To CHOOSE, But You are NOT   FREE from the CONSEQUENCE of Your CHOICE In case you missed it… The Housing Wire Webinar held on March 1st is now posted for everyone to listen to. Some mistruths about an appraiser shortage is put to bed. The webinar is 60 minutes. You can watch it below and download the slides used in the presentation here. What is going to happen to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Forms Designed for Specific Purposes - Appraisal Forms Designs 8

Appraisal Forms Designs & Purposes

These forms were “designed” to be used for those specific purposes… Appraisers, Earlier this week, I discussed the following about some lenders requesting a type of property inspection to be completed on a form “Not Designed” for the specific property type: Original observation discussed earlier this week: Read the highlighted sentence. Read the highlighted sentence again. According to a regional bank in my area, via info from their AMC, “thousands” of Manufactured Home appraisals have been done on the 2055 form. Do you do that, just because someone – who just wants to “make a sale” – tells you to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / E&O

Rules Check Software 6

Rules Check Software

If the ‘story’ can be told using 3 comps, why are 4 or more really necessary? Folks, As you are probably aware, all of our appraisal reports receive an initial examination electronically. There are a number of businesses which have written and provide to the industry various types of ‘rules check software.’ This actually began in the early 1980’s by the appraisal computer software pioneers who wrote programs to ‘check’ reports for inconsistencies. I just learned about one such ‘rules check’ company, and the results they’ve seen using their software – below. They even admit to users that the users can ‘mine’ reports...

Appraisal / Appraisal News / Appraisal Software / Appraisal Technology / Appraisers News / Fannie Mae - Freddie Mac

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Purchase Season Protection

Our function as an appraiser is to estimate the market value… Sale Season 2017 We are entering the sale season and the market is beginning to pick up. The velocity of the upcoming sale season will hinge on inventory; currently there is an obvious shortage in many submarkets. Be prepared to handle challenging scenarios. Strong demand and low inventory can lead to multiple offers and escalation clauses. Market predictions for this year forecast a higher volume of sales from 2016. Keep the following USPAP Standards as well as the Definition of Market Value, as defined in your report, in mind...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

Slow Pay AMCs and Ponzi Scheme Payment Process 143

Slow Pay AMCs

Slow pay reputation AMCs and Ponzi scheme payment process… Folks, Through several of the ‘media sources’ I read recently, I’ve learned that “a particular AMC” based on the west coast has a slow pay reputation. As so often happens with low echelon AMCs with few clients, when business slows down, their payment process becomes a Ponzi scheme. Ultimately they go out of business. I currently have an outstanding report with that AMC, but the payment due date to me is March 7. So I’m respectfully withholding their name publicly from others, until and unless they don’t pay me on time....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Baby or Bath Water? And Is it Time to Take Back USPAP? 31

Baby or Bath Water? And Is it Time to Take Back USPAP?

About half of AICPA members don’t believe in USPAP… When I first heard that “they” were trying to do away with the Appraisal Practices Board (APB) of the Appraisal Foundation (TAF), I tried to keep an open mind. I also wondered who “they” are. Did the Appraisal Institute (AI) finally get a sympathetic ear in Congress? Was it preemptive action by the Board of Trustees in anticipation of budget cuts by the new administration? By the way, what does the APB do? I certainly had it wrong. I thought they helped develop the Advisory Opinions (AOs)! To be candid the...

AGA / AI / American Society of Appraisers / APB / Appraisal / Appraisal Institute

Eliminate the Appraisal Subcommittee too! Appraisal Institute Effort to Eliminate the ASC 38

AI’s Effort to Eliminate the ASC!

Refocused effort to eliminate the ASC… Why? It’s now much more than rumor. There is a concerted effort to eliminate not just the Appraisal Practices Board (APB) which was the Appraisal Institute’s original target, but now a refocused effort to eliminate the Appraisal Subcommittee (ASC) itself! Think about that folks. What started as a partisan effort to lay ground work for the eventual elimination of Dodd-Frank has quickly morphed into a behind the scenes opportunistic all out push to eliminate the ASC too! It’s no secret among regular Appraisal Institute (AI) members or non AI appraisers that have listened to...

AGA / AI / AMC / APB / Appraisal / Appraisal Institute

Disciplinary Action Against Two AMCs in Virginia 17

Two AMCs Disciplined in VA

Disciplinary action against 2 AMCs for late payment & operating without license You just have to shake your head at what they try to pull off! At the February 14th Virginia Real Estate Appraisers Board Meeting, Independent Settlement Services and Landmark Network were each disciplined for violations of Virginia AMC Regulations. Independent Settlement Services was disciplined for not disclosing prior disciplinary action in North Carolina. North Carolina audited them and found only 75 times out of 579 appraisals, they paid appraisers within 30 days as required by North Carolina law. The state of Nebraska also fined Independent Settlement Services for...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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